Elon Musk Confirms “DOGE” Post Donald Trump Speech, Dogecoin Jumps

Highlights,Following Elon Musk’s claim that he can’t wait to audit U.S. Federal Agencies under Donald Trump, a peculiar X post by the American entrepreneur caught nationwide attention on Saturday. The Tesla & SpaceX CEO confirmed the name “DOGE,” short for Department of Government Efficiency, reaffirming his plans to join the Trump team as an advisor should it win the 2024 U.S. presidential elections.,Meanwhile, Dogecoin, a meme crypto highly influenced by the American entrepreneur, noted gains after hitting a 24-hour low, sparking discussions.,In a riveting turn of events, Elon Musk posted on September 7, a picture of him with the nameplate “DOGE.” The caption for the picture read- “Department of Government Efficiency.” This post comes in the aftermath of the Tesla CEO agreeing to Trump’s offer for a cabinet role should the Republican party win the elections.,CoinGape Media reported that Donald Trump confirmed at the Economic Club that there will be a Government Efficiency Commission that Elon Musk will head. Altogether, the recent post has added to discussions amid the ongoing presidential campaigns.,Linda Yaccarino, CEO at X, reacted to Musk’s post. Notably, the post comes soon after Donald Trump’s recent speech at The Economic Club New York, where in the Republican called out Kamala Harris for her taxation policies.,Talking at The Economic Club of New York, the Republican called out on Harris for “killing the economy” with her tax proposals. For context, Harris proposed to eradicate the Trump tax cuts, with her plans to increase taxes to a $5 trillion cap nationwide, a record high.,Further, the Republican even stated that it would be the largest hike in history for small businesses. Notably, the former U.S. president drew parallels with ‘communist China,’ gauging in on Harris’ policies.,Nevertheless, Elon Musk continues backing Republican Donald Trump amid the ongoing presidential elections. As mentioned above, DOGE price soared in tandem with the development, sparking speculations.,Dogecoin price embarked on an upward trajectory, gaining nearly 5% after hitting a 24-hour low of $0.08947 to trade at $0.09417 at press time. The coin’s intraday peak was $0.09777.,Notably, Dogecoin’s futures OI jumped 0.59% within the 4-hour chart, while 0.14% in the 1-hour time frame, reaching $443.17 million. The slight uptrend in tandem with Musk’s post has garnered significant attention to the token.,Crypto market watchers speculate if Trump’s win could spark a rally in Dogecoin as Elon Musk takes a government seat with DOGE position. Polymarket data currently shows the Republican’s winning odds at 51%, while Harris at 48%.,